Bitcoin Forum

Our company is doing an ICO backed by real assets and production. One of the issues we are debating is how to manage fund administration through a public ledger. In other words, the founders and managers of the company do not want to personally manage the allocations and disbursements to vendors, contractors, service providers, etc.

At no point, will funds be controlled or accessed by anyone other than token holders-escrow agent. All funds are to be wired directly into contractors, vendors and service providers accounts with contractor scheduling. Funds are administered and allocated by token holders. The management. team does not control funds at any time. Disbursements are in accord with build-out schedule and proof-of-work, invoices for work completed are submitted and third party on-site certification (i.e. County Judge, County Commissioner, etc.) and hundreds of on-site security cameras that any token holder can access 24/7 from any web browser enabled device.

Any thoughts on could this be achieved?

I think any project needs a manager who is responsible for disbursing funds and recording all details of payments. Besides, you also need the project developers. But important, they must be credible and trustworthy people.

If the founders and managers don`t want to manage the funds ,who is going to deal with all the contractors and service providers,in case that they don`t provide satisfying results?
After the funding is raised,someone has to choose and hire people to build the project.
There`s no way to exclude the human element and automate absolutely everything.
Can you tell us something more about the ICO?

The short answer is by having the funds managed through the blockchain, this frees up a large block of management time on-site to do precisely as you point out; deal one-on-one, face to face with all contractors, suppliers, etc.

Our intention here is to use the blockchain and token holders to trigger payments to these providers when work has been approved and commissioned. These would be direct wires into the designated accounts of each contractor. Satisfactorily completed work and/or deliverables would be verified through a 512 camera internet enabled system, that any token holder with a web enabled device can observe 7/24 everything coming, going and staying. MOE Farms management certification, and local 3rd party verification made up of former County Judge, current County Commissioner and Empire Builders general contractor. In addition to this, the managing partner and his staff of 5 will be living permanently on the property. We have 3 guest houses already in place that sleep 14, including the ranch manager's house. I hope this is helpful. Any further concerns or input would be greatly appreciated. Thank you for taking the time and for your interest in a very worthy and noble project.